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Competition for the Dumb Money

Ok, you can explain why some people lose money on the market.  You probably imagine that gives you an advantage? Nope. This is not enough to know that some people bring money on the market just to throw it away doing stupid things. Because you're not the only one who knows it. You have competitors.

Taking dumb money is a very competitive business because you can't easily block your peers from doing the same things you do with some kind of a "moat". And when you have a money source and a crowd of competitors, the premium drops pretty quickly to some "average" level, which is far from fancy.

You have to have an advantage over your competitors, not over the dumb money.

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